Telegram to Break records, ICO Target Set at $2 Billion

The previous target was $1.2 billion.

Telegram Open Network (TON), a multi-blockchain P2P platform, is planning to raise $2 billion from its Initial Coin Offering. The TON blockchain will allow users to perform faster transactions.

Telegram was originally launched on August 14th 2013, and provided users with a cloud-based ‘fast and secure’ messaging application. It was the brainchild of the Russian brothers Pavel and Nikolai Durov, with around 180 million active users. Telegram has been a hit among blockchain users — almost every ICO has a Telegram channel along with a Github account. The decision to create a blockchain platform was announced last year in December, much to the crypto community’s delight.

Earlier this month, it was reported that Telegram was planning on raising $500 million in the private sale. However, anonymous trusted users have stated that the company plans to raise $850 million in January, and $1.15 billion in the public sale in March. The private sale will allow people to attain a discount worth more than 50% on the ‘Gram’ token.

The wallet and other TON services are scheduled to launch in 2019. If the tokens are not listed on an exchange by 2019, private sale investors will get refunds. But once the tokens are listed, private sale investors will go through a ‘lock-up’ period. It means they will not be allowed to trade their coins for 18 months. While people have voiced their support for Telegram, BitBull Capital CEO Joe DiPasquale has decided to skip this ICO, “It’s too rich and to risky for me to be interested at this point. Still, they should have a lot of success raising and that their final raise will be in the high hundreds of millions. $1.2 billion is a lofty goal, and it’s impossible to say whether they’ll hit it.”

The private sale, expected to end in February, will be followed by the public ICO in March.

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